Vitesse buys Cicada for $66 mln in cash

NEW YORK (CBS.MW) -- Vitesse Semiconductor
vtss
said it is buying the outstanding shares of Cicada Semiconductors for about $66 million in cash. Vitesse said it expects the deal to be neutral to pro-forma earnings in the first half of 2004 and slightly accretive in the second half. The company will also take an as yet unspecified charge for the deal. Cicada is expected to add about $10 million to Vitesse revenues in 2004 from a range of DSP-based integrated circuit solutions for developers of high-speed communications systems used in LANs. It is also expected to cut its workforce to about 40 by the time the deal closes. Vitesse shares ended Friday up 10 cents at $6.00.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information.
All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only.
Intraday data delayed at least 15 minutes or per exchange requirements.